Investor consortium to rescue high-end TV maker Loewe

Television maker Loewe said on Thursday evening that a group of private investors would take over the business, assuring the 'continuity of the tradition-rich brand Loewe in German hands.'

German family business owners, as well as former management from Apple and Bang Olufsen made up the consortium, according to Loewe. The company released only sparse information on Thursday, saying it wanted to inform stakeholders in full before making more details public on Friday.

The new consortium was said to be planning a stronger focus on digital entertainment products and closer cooperation with Loewe's Chinese technology partner Hisense. The price for the sale was not mentioned.

Loewe's headquarters would move from Kronach in northern Bavaria to the state capital, Munich, as part of the deal, the company said, and no news was offered on the fate of the roughly 650 people still employed.

The takeover is a so-called 'asset deal,' which is bad news for Loewe's shareholders. The publicly traded 'Loewe AG' entity on the German markets will be dissolved, while the private consortium buys out Loewe assets individually. According to the company, Sharp was its biggest single shareholder with around a 29-percent stake, while around 60% of the company's shares were diversified holdings.

Loewe filed for insolvency, and the right to administer itself, early in October of last year. The company first announced potential suitors for a rescue deal in November. Even vying for a niche at the top of the market, the company had struggled to compete with prices offered by rival companies, especially from East Asia